If youre an Iowa resident looking to begin saving for your childs college expenses, contributing to a college savings plan can be a great option. This makes it easy to save, no matter how old your child is. If youre looking for more information on your college savings plan options, read the information below. If you have any questions about contributing to a college savings plan, meet with an estate planning attorney.
This is a two-part blog post that discusses Iowa college savings plans. This first post will explain the College Savings Iowa 529 Plan.
What is the College Savings Iowa 529 Plan?
This plan makes it easier for Iowa residents and non-residents to take advantage of the opportunity to save for college expenses. This plan makes it possible to save for anyone, even yourself!
Many people use this plan to save for their children and or grandchildren. Youre able to contribute as little as $25 at a time. There are also many convenient ways to make your contributions. With this plan, youre able to continue contributing until the account reaches a maximum of $320,000. There are also many different investment options to fit your individual needs.
What are some of the benefits of the College Savings Iowa 529 Plan?
This college savings plan offers many benefits. For one, its free to enroll and the fees are extremely low. Youre also able to access your account online, whenever needed.
Additionally, there are many tax benefits to this plan. Your assets will grow tax-deferred as you continue to invest. Youre also able to withdrawal your account funds tax-free for education related purposes.
Another benefit is the ability to deduct some of your contributions from your state tax return.
If youre looking to save money for your child or a loved ones college expenses, you will want to consider an Iowa college savings plan. If you have any questions about a specific college savings plan, consult with a qualified estate planning attorney.